Correlation Between Siemens Healthineers and Nucletron Electronic
Can any of the company-specific risk be diversified away by investing in both Siemens Healthineers and Nucletron Electronic at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Siemens Healthineers and Nucletron Electronic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siemens Healthineers AG and Nucletron Electronic Aktiengesellschaft, you can compare the effects of market volatilities on Siemens Healthineers and Nucletron Electronic and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Siemens Healthineers with a short position of Nucletron Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siemens Healthineers and Nucletron Electronic.
Diversification Opportunities for Siemens Healthineers and Nucletron Electronic
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Siemens and Nucletron is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Siemens Healthineers AG and Nucletron Electronic Aktienges in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nucletron Electronic and Siemens Healthineers is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Siemens Healthineers AG are associated (or correlated) with Nucletron Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nucletron Electronic has no effect on the direction of Siemens Healthineers i.e., Siemens Healthineers and Nucletron Electronic go up and down completely randomly.
Pair Corralation between Siemens Healthineers and Nucletron Electronic
If you would invest 5,092 in Siemens Healthineers AG on November 1, 2024 and sell it today you would earn a total of 350.00 from holding Siemens Healthineers AG or generate 6.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Siemens Healthineers AG vs. Nucletron Electronic Aktienges
Performance |
| Timeline |
| Siemens Healthineers |
| Nucletron Electronic |
Siemens Healthineers and Nucletron Electronic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siemens Healthineers and Nucletron Electronic
The main advantage of trading using opposite Siemens Healthineers and Nucletron Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siemens Healthineers position performs unexpectedly, Nucletron Electronic can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Nucletron Electronic will offset losses from the drop in Nucletron Electronic's long position.| Siemens Healthineers vs. Kingdee International Software | Siemens Healthineers vs. FANDIFI TECHNOLOGY P | Siemens Healthineers vs. GBS Software AG | Siemens Healthineers vs. PSI Software AG |
| Nucletron Electronic vs. CLOVER HEALTH INV | Nucletron Electronic vs. Siemens Healthineers AG | Nucletron Electronic vs. CARDINAL HEALTH | Nucletron Electronic vs. Grand Canyon Education |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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